• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Fintech.ca

 
 
  • News
  • Events
  • Interviews
  • Thought Leaders
  • Techtalent.ca
  • About

Luge Capital Wins CVCA’s VC Regional Impact Award for Flinks Investment

May 18, 2022 by Robert Lewis Leave a Comment

Luge Capital’s 2018 investment in Montreal’s Flinks has been awarded CVCA’s VC Regional Impact Award for Eastern Canada.

Flinks is an open-banking infrastructure to enable apps to connect with consumer bank accounts to verify account information and access banking history – with the consumer’s consent, of course.

Since the initial investment by Luge Capital and National Bank in June 2018, Flinks has grown its full-time employee headcount in Canada from 27 to 150 employees, or a 54% annual growth in headcount. Following the injection of new capital last year, Flinks plans to double its headcount to deliver on the growing need for better, more actionable financial data. 

The product launched in 2017, around the same time the fintech sector started to gain traction. The Flinks’ founders knew they were on to something and sought out financing to improve and expand the platform.

In 2018, the Montreal-based company closed a $1.75 million seed round, led by Luge Capital alongside the National Bank of Canada, which supercharged its growth, including hiring a few dozen more people to make it happen. A $16.2 million Series A followed a year later, which helped the company continue its expansion, including a launch in the U.S.

In August 2021, Flinks announced a $103 million investment from National Bank, including $30 million in growth capital to fast-track its expansion across North America. The transaction provided National Bank with an 80% preferred share equity interest in the company.

Karim Gillani, a general partner at Luge Capital, first met Flinks when he was a senior M&A executive at PayPal. So, when he co-founded Luge Capital in early 2018, he re-engaged the fintech, and it became the firm’s first investment.

“We saw a big opportunity for Flinks to be the underlying utility company for the financial services sector in Canada,” Gillani says, likening it to owning the plumbing that delivers water to houses across the country.

Gillani also saw a strong team that had built a robust product with minimal resources. ​“And they moved quickly,” says Gillani, who also became a member of the Flinks’ board until his firm’s exit last year.

Flinks was founded by Yves-Gabriel Leboeuf, Frédérick Lavoie, and Julien Cousineau in 2016.

Filed Under: News Tagged With: Flinks, Luge Capital, National Bank

 
 

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

 
 

Email Newsletter

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Founding Sponsors

Recent Posts

  • TerraPay and Paramount Commerce Partner to Enable Real-Time Remittances to Canada
  • Alexi Launches Private Cloud AI Platform for Law Firms
  • Conquest Planning Raises $100M to Expand AI-Powered Financial Planning Platform
  • XRP Enters the National Mainstream as Canadian Firms Launch Crypto ETFs
  • Canadian Insurance Firms ‘Punch Above Weight’ in Global AI Adoption Index

Copyright © 2025 Incubate Ventures | Techtalent.ca · Techcouver.com · Calgary.tech · Decoder.ca · CleanEnergy.ca | Privacy